Decentralized Identity Systems Market to Reach USD 11.5 Billion by 2034, Growing at a 20.5% CAGR
Decentralized Identity Systems Market Report 2025–2034
Luton, Bedfordshire, United Kingdom, June 13, 2025 (GLOBE NEWSWIRE) -- Overview and Market Outlook
The decentralized identity systems market is undergoing a revolutionary transformation, driven by the increasing global demand for privacy-preserving technologies and stringent data compliance regulations. In 2024, the market is estimated at approximately USD 2.1 billion, and it is forecasted to expand significantly, reaching USD 11.5 billion by 2034. This trajectory reflects a Compound Annual Growth Rate (CAGR) of 20.5% over the forecast period.
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Key factors influencing this expansion include rising incidents of identity fraud, the demand for self-managed digital identities, and the shift towards decentralized technologies such as blockchain. As businesses and governments increasingly recognize the benefits of user-centric identity systems, investments and innovations in this space are accelerating.
Market Drivers and Growth Catalysts
The core driver of this market is the increased awareness of privacy rights and the widespread adoption of data protection regulations across regions. Laws such as GDPR in Europe and CCPA in the U.S. are compelling organizations to prioritize secure identity frameworks that grant users greater control over their personal data. Decentralized identity systems (DIDs), which enable individuals to own, manage, and share their identities without reliance on centralized authorities, align perfectly with these legislative trends.
Technological innovation is another major catalyst. Blockchain technology, smart contracts, and public key infrastructure (PKI) are being integrated into identity solutions, enhancing their security, immutability, and transparency. The rise of self-sovereign identity (SSI) models, where individuals possess complete control over their credentials, is also gaining traction across sectors including finance, healthcare, and government services.
Challenges and Restraints
Despite the market's robust growth potential, several challenges may hinder its pace. One of the main obstacles is the lack of regulatory harmonization across global jurisdictions. While some countries embrace decentralized systems, others are either slow to regulate or promote centralized digital ID programs, creating compliance complexities for multinational businesses.
Additionally, user adoption remains a hurdle. Many users lack awareness or understanding of decentralized identity frameworks. Concerns around usability, technical complexity, and the fear of losing control over digital wallets that store identity credentials contribute to skepticism. Moreover, infrastructure challenges—particularly in developing regions—pose barriers to seamless integration.
Economic factors such as limited IT budgets, especially during economic downturns, could also restrain investment in advanced identity systems. Meanwhile, supply chain issues and dependence on third-party vendors for implementation may delay deployment and drive up costs.
Key Market Segments
By Technology
Blockchain-Based Systems: These systems dominate the current market due to their robust security, traceability, and decentralized nature. Adoption is strong in industries like financial services and healthcare, where trust and data integrity are paramount.
Self-Sovereign Identity (SSI) Solutions: SSI is emerging as a transformative force, empowering users to control their data. As privacy regulations tighten, SSI adoption is expected to outpace traditional identity solutions.
Federated Identity Management: Though still in use across legacy systems, federated models are gradually losing market share due to their reliance on centralized intermediaries.
Centralized Identity Verification Tools: These tools remain prevalent but are likely to decline as decentralized alternatives gain favor for their enhanced security features.
By End User
Government Agencies: Governments are at the forefront of adopting decentralized identity systems for citizen ID verification, e-governance, and secure voting.
Healthcare Sector: The need for secure, interoperable patient records and regulatory compliance is accelerating adoption in this sector.
Financial Services: As fraud prevention and KYC (Know Your Customer) requirements grow, financial institutions are actively transitioning to decentralized identity frameworks.
Telecommunications, Retail, Travel, and Education: These sectors are increasingly exploring DID solutions to enhance customer experience, reduce fraud, and digitize credential management.
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Market Segmentation
Technology Type - Blockchain-Based Systems - Self-Sovereign Identity (SSI) Solutions - Federated Identity Management - Centralized Identity Verification Tools
End-User Industry - Government - Healthcare - Financial Services - Telecommunications - Retail - Travel & Hospitality - Education - Other Sectors
Deployment Model - Cloud-Based Solutions - On-Premises Solutions - Hybrid Solutions
Components - Solutions - Authentication - Access Management - Compliance Management - Other Solutions - Services - Consulting Services - Implementation Services - Support & Maintenance Services
Geographic Region - North America - Europe - Asia Pacific - Latin America - Middle East & Africa
Regional Insights
North America
North America holds the largest market share, contributing around 45% of total revenue in 2024. The region benefits from a mature technological infrastructure, widespread blockchain adoption, and strong regulatory frameworks promoting user-centric data control. Major players like Microsoft, IBM, and Okta are headquartered here, further advancing innovation.
Europe
Europe represents approximately 28% of the global market and continues to expand at a steady pace, bolstered by GDPR and similar privacy-focused regulations. The region's diverse demographic landscape requires versatile identity solutions, encouraging the adoption of decentralized models. However, economic disparities and inconsistent regulation across EU nations could temper growth.
Asia-Pacific
Asia-Pacific is poised for rapid growth, with a projected CAGR of 20%, driven by factors such as expanding internet access, digital government initiatives, and a tech-savvy population. Countries like India, Singapore, and South Korea are exploring or implementing blockchain-based identity frameworks. However, infrastructure limitations and digital illiteracy in rural areas present challenges.
Latin America and Africa
These emerging regions hold significant untapped potential. Latin America is seeing increasing demand for secure digital IDs due to rising cybercrime, while Africa's need for identity systems among unbanked populations offers a strong use case for decentralized solutions. Still, economic instability and low technology penetration are hurdles that must be overcome.
Recent Market Developments
1. Microsoft Month/Year: November 2023 Type of Development: Partnership Detailed Analysis: Microsoft entered a significant partnership with a leading blockchain consortium, enhancing its decentralized identity offerings. This partnership is intended to integrate Microsoft's Azure Active Directory with decentralized identity protocols, allowing businesses to manage identities more securely and privately. This integration is crucial as organizations increasingly struggle with identity theft and data breaches. By aligning themselves with innovative blockchain solutions, Microsoft positions itself as a key player in the evolving identity landscape. This move not only strengthens its competitive stance against rivals like IBM and Okta but also signals to the market a formidable shift towards decentralized identity management solutions, potentially reshaping industry standards for security and privacy.
2. IBM Month/Year: October 2023 Type of Development: Product Launch Detailed Analysis: IBM launched its new decentralized identity management platform, which leverages advanced cryptography and blockchain technology to enhance user privacy. This platform aims to empower individuals to own and control their identity data. The significance of this launch lies in the increasing consumer demand for privacy-centric solutions in identity management. IBM's entry into this space may compel other traditional identity solution providers to innovate or risk obsolescence. Additionally, this product aligns with global regulatory trends emphasizing data protection, positioning IBM favorably as businesses look for compliant solutions. This could lead to a competitive shift where the emphasis on user privacy becomes the primary differentiator among identity solution providers.
3. Civic Technologies Month/Year: September 2023 Type of Development: Merger Detailed Analysis: Civic Technologies announced a merger with a leading blockchain-based KYC (Know Your Customer) provider to enhance its suite of decentralized identity solutions. The merger aims to streamline identity verification processes while ensuring compliance with regulatory standards. This strategic move has broad implications for the decentralized identity market, as it positions Civic to offer a more comprehensive solution that bridges user privacy with regulatory needs. As concerns over KYC compliance rise, this merger could redefine competitive strategies in the space, prompting other players to explore similar alliances or acquisition strategies to remain relevant.
4. ConsenSys Month/Year: August 2023 Type of Development: Expansion Detailed Analysis: ConsenSys announced plans to expand its decentralized identity platform to several new international markets, including India and Brazil. This strategic expansion is significant as it taps into rapidly growing technology ecosystems in emerging markets, where demand for cutting-edge identity solutions is on the rise. By entering these markets, ConsenSys not only boosts its customer base but also enhances its competitive advantage against local players who may lack the technological backing of established firms. The move could accelerate a broader trend toward decentralized identity adoption in regions previously underserved by large tech companies, thereby reshaping market dynamics.
5. Evernym Month/Year: July 2023 Type of Development: Technological Advancement Detailed Analysis: Evernym unveiled an advanced version of its decentralized identity solution featuring integration capabilities with multiple blockchain networks. This technological advancement allows organizations to choose their preferred blockchain while still benefiting from Evernym's robust identity functionalities. The significance of this development lies in its flexibility, catering to diverse organizational needs and preferences. It challenges competitors to innovate quickly or face obsolescence as organizations seek more customizable solutions. Additionally, this move aligns with the broader industry trend towards interoperability among decentralized systems, emphasizing the importance of cross-platform capabilities in attracting enterprise clients.
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Key Competitors
Microsoft
IBM
Okta
Civic Technologies
uPort
Evernym
Idemia
ConsenSys
Blockstack
SecureKey Technologies
Verifiable Credentials
Auth0 (acquired by Okta)
Trinsic
Sovrin Foundation
DigiCert
Emerging Trends and Future Outlook
The market is poised to benefit from several emerging trends:
Integration with AI and Machine Learning: These technologies are being embedded into identity verification systems to enhance fraud detection, risk profiling, and user authentication.
Shift to Subscription-Based Models: Enterprises are increasingly preferring pay-as-you-go services for identity management, reducing upfront costs and driving market accessibility.
Interoperability and Open Standards: With growing demand for cross-platform identity solutions, interoperability is becoming a key focus area, driving collaborations and consortia development.
Consumer Behavior Shift: Awareness of personal data rights is increasing. Users now prioritize platforms that respect their privacy, creating opportunities for brands that offer transparent, decentralized identity solutions.
Education and Awareness Campaigns: As more stakeholders understand the benefits of decentralized identities, adoption is expected to accelerate, particularly with strategic outreach in underrepresented markets.
This report is also available in the following languages : Japanese (分散型アイデンティティシステム市場), Korean (분산형 ID 시스템 시장), Chinese (去中心化身份系统市场), French (Marché des systèmes d'identité décentralisés), German (Markt für dezentrale Identitätssysteme), and Italian (Mercato dei sistemi di identità decentralizzati), etc.
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ID Verification Systems Market
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CONTACT: Irfan Tamboli (Head of Sales) Phone: + 1704 266 3234 Email: sales@exactitudeconsultancy.com
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The results show a high overall response rate (ORR) with durability in patients with triple-class exposed (TCE) relapsed/refractory multiple myeloma (RRMM) who have true extramedullary disease (EMD).1 EMD is defined as soft tissue/organ-associated plasmacytomas with no contact to bony structures as per International Myeloma Working Group (IMWG) criteria.2 RedirecTT-1 is the largest study dedicated to patients with EMD to date.1 These data were featured in a late-breaking oral presentation (Abstract #LB4001) at the 2025 European Hematology Association (EHA) Congress.1 EMD represents an aggressive form of multiple myeloma and occurs when myeloma cells spread and form tumours (plasmacytomas) elsewhere in the body, such as in soft tissues and organs.3 These patients often face limited treatment options and worse outcomes due to the complexity of the disease, including tumour heterogeneity, resulting in low ORRs and rapid relapses with current standard therapies.2,3 On average, TCE RRMM patients with EMD have an ORR of less than 40 percent and a median progression-free survival (PFS) of less than six months.4 'The investigational combination of talquetamab and teclistamab has demonstrated deep, durable responses in patients with relapsed or refractory multiple myeloma, and now shows great promise in those with extramedullary myeloma, where standard therapies often fall short,' said Yael Cohen, M.D., Head of Myeloma Unit, Tel-Aviv Sourasky Medical Center, Tel-Aviv, Israel.* 'Dual targeting of GPRC5D and BCMA may lead to a higher ORR and greater depth of response by mitigating target antigen-related escape. The RedirecTT-1 trial shows the power of this novel dual-targeting combination approach as a potential treatment option for patients with this disease.' The Phase 2 RedirecTT-1 study enrolled 90 patients with TCE RRMM with true EMD.1 Of these patients, 84.4 percent were triple-class refractory, 35.6 percent were penta-drug refractory, 20.0 percent had previously received BCMA CAR-T therapy, and 8.9 percent had previously received a bispecific antibody.1 The investigational combination of talquetamab and teclistamab led to a high ORR of 78.9 percent (95 percent confidence interval [CI]; 69.0–86.8), with more than half of patients (54.4 percent) achieving complete response or better.1 High responses were observed even in patients exposed to prior BCMA CAR-T or anti-FcRH5 bispecific antibodies (83.3 percent ORR; 58.6-96.4 and 75.0 percent ORR; 34.9-96.8, respectively).1 Among responders, 66.2 percent remained in response at the data cutoff, with a median follow-up of 13.4 months, signalling deep and durable responses.1 Treatment with the combination resulted in 61.0 percent of patients progression-free and alive at one year.1 Additionally, the combination led to durable responses, with 64.1 percent of patients maintaining response (median duration of response: 13.8 months) and 74.5 percent of patients alive at one year, while median overall survival was not yet reached.1 'Multiple myeloma remains a complex and heterogeneous disease, with extramedullary disease presenting a particularly aggressive and challenging to treat form,' said Ester in't Groen, EMEA Therapeutic Area Head Haematology at Johnson & Johnson Innovative Medicine. 'The RedirecTT-1 study reflects our strategy to harness novel mechanisms of action, such as the combination of these dual bispecific antibodies, to help redefine potential outcomes for subsets of patients who are currently faced with a poor prognosis and limited options.' The safety profile of the combination was consistent with previous reports of talquetamab and teclistamab as monotherapies, with no new safety signals identified.1 Patients were given the option to switch to once a month dosing potentially contributing to improved tolerability.1 Rates of discontinuation were low with the treatment combination of talquetamab and teclistamab due to adverse events (AEs).1 Four participants discontinued talquetamab only.1 Reports of cytokine release syndrome (CRS) and immune effector cell-associated neurotoxicity syndrome (ICANS) were mostly low grade.1 Of the ten patients who had Grade 5 AEs (11.1 percent), five were due to infections.1 There were five patient deaths due to infection and the rates of severe infection were similar to those observed with some BCMA bispecific antibody monotherapies.1 'Patients with extramedullary myeloma, especially those who have exhausted prior therapies, need more effective treatment options,' said Jordan Schecter, M.D., Vice President, Disease Area Leader, Multiple Myeloma, Johnson & Johnson Innovative Medicine. 'Our first-in-class bispecific antibodies talquetamab and teclistamab have transformed treatment for relapsed or refractory multiple myeloma. The RedirecTT-1 study underscores our commitment to advancing innovative therapies that attack the disease in different ways by building combinable and complementary regimens.' About Talquetamab Talquetamab received conditional marketing authorisation (CMA) from the European Commission (EC) in August 2023, as monotherapy for the treatment of adult patients with relapsed and refractory multiple myeloma (RRMM) who have received at least three prior therapies, including an immunomodulatory agent, a proteasome inhibitor, and an anti-CD38 antibody, and have demonstrated disease progression on the last therapy.5 The U.S. Food and Drug Administration (FDA) also granted talquetamab approval in August 2023, for the treatment of adult patients with RRMM who have received at least four prior lines of therapy, including a proteasome inhibitor, an immunomodulatory agent and an anti-CD38 antibody.6 Talquetamab is a bispecific T-cell engaging antibody that binds to CD3 on the surface of T-cells, and GPRC5D, a novel target which is highly expressed on the surface of multiple myeloma cells, with minimal to no expression detected on B-cells or B-cell precursors.5 For a full list of adverse events and information on dosage and administration, contraindications and other precautions when using talquetamab, please refer to the Summary of Product Characteristics. In line with European Medicine Agency (EMA) regulations for new medicines and those given conditional approval, talquetamab is subject to additional monitoring. About Teclistamab Teclistamab received EC approval in August 2022 for the treatment of patients with RRMM who have received at least three prior therapies, including an immunomodulatory agent, a proteasome inhibitor, and an anti-CD38 antibody, and have demonstrated disease progression on the last therapy.7 In August 2023, the EC approved a Type II variation application for teclistamab, providing the option for a reduced dosing frequency of 1.5mg/kg every two weeks in patients who have achieved a complete response (CR) or better for a minimum of six months.8 Teclistamab received approval from the U.S. FDA in October 2022 for the treatment of adult patients with RRMM who have received at least four prior lines of therapy, including a proteasome inhibitor, an immunomodulatory agent and an anti-CD38 antibody.9 Teclistamab is an off-the-shelf (or ready-to-use) bispecific antibody.9,10 Teclistamab, a subcutaneous injection, redirects T-cells through two cellular targets (BCMA and CD3) to activate the body's immune system to fight the cancer. Teclistamab is currently being evaluated in several combination studies.10,11,12,13,14 For a full list of adverse events and information on dosage and administration, contraindications and other precautions when using teclistamab, please refer to the Summary of Product Characteristics. In line with European Medicine Agency (EMA) regulations for new medicines and those given conditional approval, teclistamab is subject to additional monitoring. About Multiple Myeloma Multiple myeloma is currently an incurable blood cancer that affects a type of white blood cell called plasma cells, which are found in the bone marrow.15,16 In multiple myeloma, these malignant plasma cells continue to proliferate, accumulating in the body and crowding out normal blood cells, as well as often causing bone destruction and other serious complications.15,16 In the European Union, it is estimated that more than 35,000 people were diagnosed with multiple myeloma in 2022, and more than 22,700 patients died.17 Patients living with multiple myeloma experience relapses which become more frequent with each line of therapy18,19 while remissions become progressively shorter.18,19,20 Whilst some patients with multiple myeloma initially have no symptoms, others can have common signs and symptoms of the disease, which can include bone fracture or pain, low red blood cell counts, fatigue, high calcium levels, infections, or kidney damage.21 About Johnson & Johnson At Johnson & Johnson, we believe health is everything. Our strength in healthcare innovation empowers us to build a world where complex diseases are prevented, treated, and cured, where treatments are smarter and less invasive, and solutions are personal. Through our expertise in Innovative Medicine and MedTech, we are uniquely positioned to innovate across the full spectrum of healthcare solutions today to deliver the breakthroughs of tomorrow and profoundly impact health for humanity. Learn more at Follow us at Janssen-Cilag International NV, Janssen Pharmaceutica NV, Janssen-Cilag Limited, Janssen Biotech, Inc., and Janssen Research & Development, LLC are Johnson & Johnson companies. Cautions Concerning Forward-Looking Statements This press release contains 'forward-looking statements' as defined in the Private Securities Litigation Reform Act of 1995 regarding product development and the potential benefits and treatment impact of teclistamab and talquetamab. The reader is cautioned not to rely on these forward-looking statements. These statements are based on current expectations of future events. If underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialise, actual results could vary materially from the expectations and projections of Johnson & Johnson. Risks and uncertainties include, but are not limited to: challenges and uncertainties inherent in product research and development, including the uncertainty of clinical success and of obtaining regulatory approvals; uncertainty of commercial success; manufacturing difficulties and delays; competition, including technological advances, new products and patents attained by competitors; challenges to patents; product efficacy or safety concerns resulting in product recalls or regulatory action; changes in behaviour and spending patterns of purchasers of health care products and services; changes to applicable laws and regulations, including global health care reforms; and trends toward health care cost containment. A further list and descriptions of these risks, uncertainties and other factors can be found in Johnson & Johnson's most recent Annual Report on Form 10-K, including in the sections captioned 'Cautionary Note Regarding Forward-Looking Statements' and 'Item 1A. Risk Factors,' and in Johnson & Johnson's subsequent Quarterly Reports on Form 10-Q and other filings with the Securities and Exchange Commission. Copies of these filings are available online at or on request from Johnson & Johnson. Johnson & Johnson does not undertake to update any forward-looking statement as a result of new information or future events or developments. * Yael Cohen, M.D., Head of Myeloma Unit, Tel-Aviv Sourasky Medical Center, Tel-Aviv, Israel., has provided consulting, advisory and speaking services to Janssen-Cilag International NV; she has not been paid for any media work. ### 1 Kumar S, et al. Phase 2 study of Talquetamab + Teclistamab in Patients with Relapsed/Refractory Multiple Myeloma with Extramedullary Disease: presentation at 2025 European Hematology Association (EHA) Congress; June 12-15, 2025. 2 Ho M, et Multiple Myeloma: Challenges and Opportunities. Curr. Oncol, 2025; 32: 182. 3 Blade J, et al. Extramedullary Disease in Multiple Myeloma: a Systematic Literature Review. Blood Cancer J, 2022; 12(3):45. 4 Moreau P, et al. Outcomes of Patients With Extramedullary Disease in Triple-Class Exposed Relapsed/Refractory Multiple Myeloma From the Pooled LocoMMotion and MoMMent Studies. Clinical Lymphoma, Myeloma and Leukemia, 2025; 25: S2152-2650. 5 European Medicines Agency. TALVEY Summary of Product Characteristics. Available at: Last accessed: June 2025. 6 FDA. FDA Grants Accelerated Approval to Talquetamab-tgvs for Relapsed or Refractory Multiple Myeloma. Available at: Last accessed: June 2025. 7 Janssen Marks First Approval Worldwide. Available at: Last accessed: June 2025. 8 European Commission Approves Reduced Dosing Frequency for Janssen's Bispecific Antibody TECVAYLI®▼ (teclistamab). Available at: Last accessed: June 2025. 9 U.S. FDA Approves TECVAYLI™ (teclistamab-cqyv), the First Bispecific T-cell Engager Antibody for the Treatment of Patients with Relapsed or Refractory Multiple Myeloma. Available at: Last accessed: June 2025. 10 European Medicines Agency. TECVAYLI Summary of Product Characteristics. Available at: Last accessed: June 2025. 11 A Study of Teclistamab With Other Anticancer Therapies in Participants With Multiple Myeloma (MajesTEC-2). Available at: Last accessed: June 2025. 12 A Study of the Combination of Talquetamab and Teclistamab in Participants With Relapsed or Refractory Multiple Myeloma. Available at: Last accessed: June 2025. 13 A Study of Subcutaneous Daratumumab Regimens in Combination With Bispecific T Cell Redirection Antibodies for the Treatment of Participants With Multiple Myeloma. Available at: Last accessed: June 2025. 14 A Study of Teclistamab in Combination With Daratumumab Subcutaneously (SC) (TecDara) Versus Daratumumab SC, Pomalidomide, and Dexamethasone (DPd) or Daratumumab SC, Bortezomib, and Dexamethasone (DVd) in Participants With Relapsed or Refractory Multiple Myeloma (MajesTEC-3). Available at: Last accessed: June 2025. 15 Abdi J, et al. Drug Resistance in Multiple Myeloma: Latest Findings on Molecular Mechanisms. Oncotarget 2013;4(12):2186-2207. 16 American Society of Clinical Oncology. Multiple Myeloma: Introduction. Available at: Last accessed: June 2025. 17 ECIS – European Cancer Information System. Estimates of Cancer Incidence and Mortality in 2022, by Country. Multiple Myeloma. Available at: Last accessed: June 2025. 18 Bhatt P, Kloock C, Comenzo R. Relapsed/Refractory Multiple Myeloma: A Review of Available Therapies and Clinical Scenarios Encountered in Myeloma Relapse. Curr Oncol. 2023;30(2):2322-2347. 19 Hernández-Rivas JÁ, et al. The Changing Landscape of Relapsed and/or Refractory Multiple Myeloma (MM): Fundamentals and Controversies. Biomark Res. 2022;10(1):1-23. 20 Gavriatopoulou M, et al. Metabolic Disorders in Multiple Myeloma. Int J Mol Sci. 2021;22(21):11430. 21 American Cancer Society. Multiple Myeloma: Early Detection, Diagnosis and Staging. Available at: Last accessed: June 2025. CP-526056 June 2025 Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. Business Upturn takes no editorial responsibility for the same.
